Full year results highlight a much-improved performance driven by strong progress against operational and financial goals. This is reflected in higher Premium Service revenue, cross and up-selling success, improved linguistic utilisation and cost savings already delivered. Further cost initiatives already underway should deliver upside pressure to our conservative operating margin forecasts. A FY19 EV/EBITDA of 11.9x, falling to 10.4x in FY20, looks particularly good value given this upgrade pot ....
